Yes, the code on your login.php?action=logout page can call wp_logout() to log out.
You probably also want to hook the logout_url filter to generate your new logout URL, else menu bars and the admin site will still try to use wp_login.php.
Yes, the code on your login.php?action=logout page can call wp_logout() to log out.
You probably also want to hook the logout_url filter to generate your new logout URL, else menu bars and the admin site will still try to use wp_login.php.